• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin May Stay in Downtrend Until End of 2024

user avatar

by Giorgi Kostiuk

a year ago

  1. Current Situation Analysis
  2. Optimistic Scenario
  3. Moderate Scenario


    4. Popular cryptocurrency analyst Benjamin Cowen shared his opinion on the current situation with Bitcoin and possible trends for the near future.

    Current Situation Analysis

    According to well-known cryptocurrency analyst Benjamin Cowen, Bitcoin could continue its downtrend until the end of 2024. He links this to the US Federal Reserve's (FED) interest rate decisions.

    Optimistic Scenario

    The analyst believes that if the neutral rate is higher than the FED's expectations, the downtrend of Bitcoin could be broken with rate cuts. "If the FED lowers rates and they fall below the neutral rate, the downtrend may end in September. However, this is an optimistic picture,” Cowen noted.

    If the neutral interest rate is higher than the FED thinks, the downtrend could be broken in October as interest rate cuts come.Benjamin Cowen

    Moderate Scenario

    In a moderate scenario, the analyst predicts a continued decline until the end of the year. According to Cowen, to end the downtrend, a rate cut of approximately 75 basis points is needed, which is possible only by the end of the year. "Then we can start to rise again in January 2025," the analyst concluded.

    An interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.Benjamin Cowen

    Summarizing his thoughts, Benjamin Cowen noted that the cryptocurrency market will depend on the decisions of the US Federal Reserve, especially regarding interest rates.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

World Liberty Financial Implements Emergency Recovery Plan

chest

World Liberty Financial has launched an emergency recovery plan following a security breach, including a 22 million token burn and mandatory identity verification for users.

user avatarAndrew Smith

Current Inflation Expectations and Consumer Sentiment

chest

Recent reports indicate a slight increase in inflation expectations and mixed consumer sentiment amidst economic challenges.

user avatarJacob Williams

Connecticut Issues Cease-and-Desist Order to Firms Over Illegal Betting

chest

Connecticut has issued a cease-and-desist order to Robinhood, Kalshi, and Cryptocom for conducting unlicensed sports betting through online event contracts.

user avatarZainab Kamara

Long-Term Indicators Suggest Bitcoin May Be Entering Late Cycle Phase

chest

Analyst Titan of Crypto indicates that Bitcoin's long-term momentum indicators are showing signs of a late cycle phase.

user avatarSon Min-ho

Solana's Price Action Shows Signs of Short-Term Exhaustion

chest

Solana's recent price movements indicate a struggle to maintain upward momentum, with repeated sell signals from the TD Sequential indicator suggesting local tops.

user avatarTando Nkube

Vitalik Buterin Executes Notable Crypto Sale

chest

Ethereum co-founder Vitalik Buterin sold a significant amount of Kyber Network Crystal (KNC) and StrayDog (STRAYDOG) tokens, raising questions about market implications.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.